2024 Trends: Crypto Adoption and Illicit Exposure by Country

Cryptocurrency usage is continuing to catch on globally, with the leaderboard of countries with the greatest rates of adoption driven by myriad economic, regulatory, and political forces. 

Crypto adoption comes with several key benefits for these nations: greater financial inclusion for unbanked and underbanked populations, accelerated cross-border transactions, economic protection in countries experiencing high inflation or currency volatility, and the fostering of more vibrant tech and entrepreneurial ecosystems. But it also presents challenges. 

As crypto is adopted more broadly, policy makers and regulators need to develop scalable systems to govern its use — ensuring security while encouraging innovation. And for law enforcement and national security teams, crypto-enabled crime requires new approaches, tools, and intelligence to carry out successful investigations on the digital battlefield. 

So how are countries currently stacking up in terms of crypto adoption and illicit crypto activity? Our latest report, 2024 Crypto Adoption and Illicit Exposure, examines the shifts and trends shaping cryptocurrency adoption around the world — capturing the penetration of cryptocurrency usage in different countries (taking into account the country’s overall economic conditions) — as well as a macro-level view of the nations currently experiencing the highest rates of illicit crypto exposure.

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Key findings 

The 2024 Crypto Adoption and Illicit Exposure Report reveals significant shifts in the global cryptocurrency landscape over the past year, based on analysis of billions of transactions across major blockchains. By examining crypto flows, user adoption rates, and the presence of illicit activities, this report allows policymakers and law enforcement to better understand global trends and potential areas of risk.

Here are a few of the key takeaways:

• India, Indonesia, Nigeria, the United States, and Vietnam led in crypto adoption in 2024. 
• Kenya saw the largest increase in crypto adoption, doubling its crypto transaction volume from 2023. 
• North Korea, Nigeria, Georgia, the Philippines, and Russia are the top five countries with the highest percentage of illicit exposure for entities primarily located in their jurisdictions.
• The top 10 countries for illicit exposure are largely driven by the exposure of their entities to sanctions or fraud and scams.

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For the full list and in-depth analysis, download your copy of the report here.